There is one thing that I feel is going to be the biggest factor in how a M5 II stacks up, and that's the viewfinder.
I was recently in a camera shop that had a variety of cameras ready to try out. I was struck by how incredibly tiny the Canon M5 viewfinder was. Most mirrorless cameras nowadays have a FF-equivalent magnification of 0.7-0.8x. The Fuji X-T20 is often complained about for having a small viewfinder at 0.62x. I did a direct comparison between the M5 and the Fuji, back and forth multiple times, and I doubt the Canon has more than 0.5x magnification, 0.55x at the very most. That's like an old Rebel DSLR!
I really like the idea of Canon M. Compact cameras with mostly good performance, and some lens gems like the 11-22mm, 22mm f2 and 32mm f1.4 that offer very good performance for their size and weight. But viewfinder size impacts the enjoyment of taking pictures so much that I can't be interested in a system where the largest viewfinder is 0.5 or 0.55x.